Guosen Securities intends to issue A shares in order to acquire a 96.08% stake in Wanhe Securities. This pivotal transaction will undergo scrutiny by the Mergers and Acquisitions Restructuring Review Committee of the Shenzhen Stock Exchange on June 19, 2025. It is important to note that the transaction must still navigate the approval processes of both the Shenzhen Stock Exchange and the registration clearance from the China Securities Regulatory Commission, thus introducing elements of uncertainty. Should the transaction materialize successfully, Wanhe Securities will be integrated as a holding subsidiary under Guosen Securities.